In Brief
This appeal challenges NCLT's approval of a resolution plan for Reliance Infratel Limited. Operational creditors argued the plan unfairly treated them and excluded Rs 800 crores in preference shares from their distribution. The Supreme Court upheld the approval, holding that the Adjudicating Authority has strictly limited jurisdiction: only to verify that statutory requirements under Section 30(2) of the IBC are met, not to review the Committee of Creditors' commercial wisdom. Fair and equitable treatment applies within each creditor class, not across classes. Operational creditors received 19.62% recovery versus 10.32% for financial creditors—both exceeding liquidation value minimums. The Court rejected arguments for equity-based review, noting the IBC is self-contained statutory code, not a vehicle for general fairness doctrines.
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